A quiet day after the avalanche of data seen during the last two days.
In Asia, what stood out was the 14.2% yoy rise in S Korean lending to business, and the 7% qoq fall in Australia's 2Q GDP.
In Europe, the main event was the 0.9% mom fall in Germany's July retail sales. The Covid-bounce was back in May, when sales rose 13.2% mom; since then it's been down 1.9% in June and now down 0.9% in July.
In the US, the 248k rise in payrolls in August tracked by ADP was slightly, but not desperately, disappointing. Meanwhile, July's factory dynamics showed orders up 6.4% mom, shipments up 4.6%, but inventories down 0.5% - or down 0.8% if you are talking about finished goods. Moral, the inventory-shortage in the US is not fixed, and will continue to drive industrial dynamics for the next few months.
